Bank Of America Is Trying To Foreclose On Steve Schwarzman's Millionaire Neighbor

Bank of America is set to foreclose on real estate mogul Kent
Swig and his wife because they haven't made any loan payments on
their Upper East Side apartment for almost 2 years, the
New York Post reports.

The couple are divorcing, but Swig's wife Elizabeth still lives
in the Park Avenue co-op, also home to Steve Schwarzman and David
Koch.

Swig, who's been battling financial woes since the Lehman
Brothers collapse destroyed his portfolio, says his wife is the
one that owns the apartment.

The couple "signed documents for a consolidated loan of $4.7
million on their duplex apartment in 2007, but stopped paying by
August 2009," the
Post said. "Additionally, documents state that by June 2009,
the couple ceased making monthly payments of more than $62,000 on
a short-term, January 2009 loan for $12.8 million."

Swig had grown his portfolio to $3 billion, the
Post reported last year. "He got in trouble, sources say,
when his big lender, Lehman Brothers, went bankrupt." Swig was
forced to sell another condo in a fire sale, the
Real Deal reported, and was on the verge of filing for
bankrupcty.